Packaging Corporation of America (NYSE:PKG) Shares Sold by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. reduced its holdings in Packaging Corporation of America (NYSE:PKG) by 3.5%, now owning approximately 12.26% of the company's shares.
• The company's recent earnings report showed an EPS of $2.48, exceeding analysts' estimates, with a 4.7% year-over-year revenue increase.
• Research firms have adjusted their price targets, with consensus estimates currently around $215.40 for the stock, maintaining a rating of "Hold."

Vanguard Group Inc. lowered its holdings in shares of Packaging Corporation of America (NYSE:PKG - Free Report) by 3.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,027,496 shares of the industrial products company's stock after selling 396,219 shares during the quarter. Vanguard Group Inc. owned approximately 12.26% of Packaging Corporation of America worth $2,183,665,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Distillate Capital Partners LLC purchased a new stake in Packaging Corporation of America in the fourth quarter valued at $15,828,000. Sowell Financial Services LLC purchased a new stake in Packaging Corporation of America in the first quarter valued at $309,000. Wealth Enhancement Advisory Services LLC raised its position in Packaging Corporation of America by 5.6% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 28,639 shares of the industrial products company's stock valued at $5,671,000 after purchasing an additional 1,531 shares during the period. Brookstone Capital Management raised its position in Packaging Corporation of America by 718.0% in the first quarter. Brookstone Capital Management now owns 10,086 shares of the industrial products company's stock valued at $1,997,000 after purchasing an additional 8,853 shares during the period. Finally, First United Bank & Trust purchased a new stake in Packaging Corporation of America in the first quarter valued at $289,000. Hedge funds and other institutional investors own 89.78% of the company's stock.

Packaging Corporation of America Stock Performance

Shares of PKG stock traded up $2.44 during trading hours on Tuesday, reaching $199.06. 520,614 shares of the company's stock were exchanged, compared to its average volume of 678,075. Packaging Corporation of America has a 1 year low of $172.71 and a 1 year high of $250.82. The company has a market cap of $17.91 billion, a P/E ratio of 19.87, a price-to-earnings-growth ratio of 2.31 and a beta of 0.85. The company's 50 day moving average is $196.82 and its two-hundred day moving average is $197.16. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.54 and a quick ratio of 2.32.

Packaging Corporation of America (NYSE:PKG - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The industrial products company reported $2.48 EPS for the quarter, beating analysts' consensus estimates of $2.44 by $0.04. The firm had revenue of $2.17 billion for the quarter, compared to analysts' expectations of $2.18 billion. Packaging Corporation of America had a return on equity of 20.08% and a net margin of 10.47%. Packaging Corporation of America's quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.20 EPS. Equities research analysts anticipate that Packaging Corporation of America will post 10.44 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on PKG shares. Wells Fargo & Company lifted their target price on Packaging Corporation of America from $180.00 to $200.00 and gave the company an "equal weight" rating in a research report on Thursday, July 10th. Jefferies Financial Group cut Packaging Corporation of America from a "buy" rating to a "hold" rating and lowered their target price for the stock from $245.00 to $205.00 in a research note on Monday, June 16th. Citigroup boosted their target price on Packaging Corporation of America from $197.00 to $214.00 and gave the stock a "neutral" rating in a research note on Friday, July 25th. Truist Financial lowered their target price on Packaging Corporation of America from $239.00 to $238.00 and set a "buy" rating for the company in a research note on Friday, July 25th. Finally, UBS Group upped their price objective on Packaging Corporation of America from $210.00 to $220.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 29th. Five research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Packaging Corporation of America currently has a consensus rating of "Hold" and an average price target of $215.40.

Packaging Corporation of America Profile

Packaging Corporation of America engages in the production of container products. It operates through the following segments: Packaging, Paper, and Corporate and Other. The Packaging segment offers a variety of corrugated packaging products, such as conventional shipping containers. The Paper segment manufactures and sells a range of papers, including communication-based papers, and pressure sensitive papers.